Estados financieros detallados de Spero Therapeutics, Inc. (SPRO): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Spero Therapeutics, Inc. registró ingresos de $59.6M en el último ejercicio fiscal, con un CAGR de 5 años del 44.9%.
Márgenes de los últimos 12 meses: margen bruto 100.0%, margen operativo 14.0%, margen neto 17.2%.
Al precio actual de $1.11, SPRO cotiza a un P/E de 7.93 y un ROE del 16.17%. La capitalización bursátil es de $64M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $335000 | $2.0M | $4.0M | $18.1M | $9.3M | $3.1M | $48.6M | $103.8M | $48.0M | $59.6M |
| Coste de Ventas | $26.3M | $32.9M | $33.9M | $65.8M | $67.0M | 0 | 0 | $51.4M | $96.8M | 0 |
| Beneficio Bruto | -$26.0M | -$30.9M | -$29.9M | -$47.6M | -$57.7M | $3.1M | $48.6M | $52.3M | -$48.8M | $59.6M |
| I+D | $26.3M | $32.9M | $33.9M | $67.9M | $69.4M | $64.5M | $47.6M | $51.4M | $96.8M | $38.5M |
| Generales y Administrativos | $7.2M | $10.8M | $12.9M | $15.6M | $21.4M | $41.7M | $36.5M | $25.6M | $23.7M | $21.2M |
| Gastos Operativos | $33.6M | $41.7M | $42.8M | $15.6M | $21.4M | $91.0M | $90.8M | $30.9M | $24.6M | $59.6M |
| Beneficio Operativo | -$33.2M | -$41.7M | -$42.8M | -$63.2M | -$79.1M | -$88.0M | -$42.2M | $21.5M | -$73.4M | -$24000 |
| EBITDA | -$32.9M | -$41.4M | -$42.4M | -$62.5M | -$78.4M | -$87.2M | -$42.9M | $27.2M | -$72.5M | $8.8M |
| Gastos por Intereses | 0 | $303000 | $303000 | 0 | 0 | $1.9M | $2.6M | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | -$32.6M | -$46.1M | -$41.7M | -$60.9M | -$78.3M | -$89.8M | -$46.4M | $25.4M | -$68.6M | $8.8M |
| Impuestos | 0 | -$363000 | 0 | 0 | 0 | 0 | 0 | $2.6M | 0 | $261000 |
| Beneficio Neto | -$25.5M | -$46.1M | -$41.7M | -$60.9M | -$78.3M | -$89.8M | -$46.4M | $22.8M | -$68.6M | $8.6M |
| BPA | $-3.86 | $-17.82 | $-2.60 | $-3.31 | $-3.52 | $-2.91 | $-1.23 | $0.43 | $-1.27 | $0.15 |
| BPA Diluido | $-3.86 | $-17.82 | $-2.60 | $-3.31 | $-3.52 | $-2.91 | $-1.23 | $0.43 | $-1.27 | $0.15 |
| Acciones en Circulación (Diluidas) | $6.6M | $2.6M | $16.0M | $18.2M | $22.4M | $30.9M | $37.6M | $53.0M | $54.0M | $59.0M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $3.0M | $39.7M | $258000 | 0 |
| Beneficio Bruto | $3.0M | $39.7M | $258000 | 0 |
| Beneficio Operativo | -$7.9M | $31.4M | -$7.5M | -$9.9M |
| EBITDA | -$7.3M | $31.8M | -$7.2M | -$9.6M |
| Beneficio Neto | -$7.4M | $31.5M | -$7.2M | -$9.6M |
| BPA | $-0.13 | $0.56 | $-0.13 | $-0.16 |
| BPA Diluido | $-0.13 | $0.53 | $-0.13 | $-0.16 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $10.3M | $87.3M | $34.1M | $29.7M | $85.2M | $112.6M | $109.1M | $76.3M | $52.9M | $40.3M |
| Inversiones a Corto | 0 | 0 | $81.4M | $52.3M | $41.7M | $33.8M | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $304000 | $2.9M | $1.3M | $10.2M | 0 | $2.6M | $1.1M | $50.7M | $52.5M | $25.4M |
| Inventario | 0 | -$4.8M | -$8.8M | 0 | 0 | 0 | -$4.5M | 0 | 0 | 0 |
| Activos Corrientes | $11.9M | $87.3M | $115.4M | $95.4M | $139.1M | $157.9M | $109.1M | $131.2M | $107.3M | $67.3M |
| Inmovilizado Material | $1.5M | $1.2M | $2.9M | $7.1M | $8.8M | $7.6M | $5.5M | $4.2M | $3.1M | $1.5M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $13.8M | $93.5M | $129.0M | $106.1M | $153.5M | $171.1M | $124.8M | $182.4M | $110.5M | $68.9M |
| Cuentas por Pagar | $1.1M | $3.5M | $3.6M | $4.1M | $1.2M | $1.1M | $617000 | $1.4M | $7.3M | $693000 |
| Deuda a Corto | 0 | 0 | 0 | $928000 | 0 | 0 | $1.7M | $1.7M | $1.7M | $2.0M |
| Pasivos Corrientes | $6.9M | $8.2M | $12.3M | $26.7M | $14.3M | $18.7M | $21.6M | $37.2M | $49.1M | $8.9M |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $7.4M | $8.5M | $13.2M | $31.5M | $21.4M | $82.8M | $48.9M | $75.5M | $64.4M | $9.9M |
| Reservas | -$45.4M | -$96.8M | -$138.5M | -$199.4M | -$277.7M | -$367.5M | -$413.9M | -$391.1M | -$459.6M | -$451.1M |
| Patrimonio Neto | $10.2M | $85.0M | $115.9M | $74.6M | $132.0M | $88.3M | $75.9M | $106.9M | $46.1M | $59.0M |
| Deuda Total | 0 | 0 | 0 | $5.5M | $7.8M | $7.3M | $6.6M | $5.5M | $4.3M | $2.9M |
| Deuda Neta | -$10.3M | -$87.3M | -$115.4M | -$76.5M | -$119.1M | -$139.1M | -$102.5M | -$70.8M | -$48.6M | -$37.4M |
| Capital Circulante | $5.0M | $79.1M | $103.1M | $68.8M | $124.8M | $139.2M | $87.5M | $94.1M | $58.2M | $58.4M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $48.6M | $40.3M | $56.1M | $50.8M |
| Activos Totales | $54.2M | $68.9M | $59.0M | $52.8M |
| Pasivos Totales | $27.7M | $9.9M | $6.1M | $8.6M |
| Patrimonio Neto | $26.5M | $59.0M | $52.9M | $44.2M |
| Deuda Total | $3.4M | $2.9M | $2.5M | $2.0M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$32.6M | -$39.9M | -$41.7M | -$60.9M | -$78.3M | -$89.8M | -$46.4M | $22.8M | -$68.6M | $8.6M |
| Amortizaciones | $279000 | $363000 | $409000 | $750000 | $761000 | $646000 | $869000 | $367000 | $2000 | 0 |
| Compensación en Acciones | $180000 | $1.4M | $2.7M | $3.8M | $4.9M | $9.4M | $9.1M | $7.9M | $7.8M | $4.3M |
| Cambio en Capital Circulante | -$792000 | $443000 | -$1.1M | $6.8M | -$13.4M | $12.9M | $22.1M | -$70.4M | $36.3M | -$27.2M |
| Flujo de Caja Operativo | -$29.0M | -$39.1M | -$39.6M | -$50.0M | -$85.9M | -$64.3M | -$7.7M | -$33.0M | -$23.4M | -$12.6M |
| Inversiones (CapEx) | -$830000 | -$27000 | -$2.4M | -$314000 | -$157000 | 0 | 0 | 0 | 0 | 0 |
| Adquisiciones | 0 | -$1.2M | $83.2M | -$29.8M | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$29.8M | -$39.1M | -$42.1M | -$50.3M | -$86.0M | -$64.3M | -$7.7M | -$33.0M | -$23.4M | -$12.6M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $17.4M | -$8.4M | $15.9M | -$5.4M |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | $17.4M | -$8.4M | $15.9M | -$5.4M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $1.0M | $1.0M | $1.1M | 0 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +490.7% | +100.4% | +357.6% | -48.6% | -67.1% | +1482.4% | +113.6% | -53.8% | +24.3% |
| Crecimiento Beneficio Neto (anual) | | -80.8% | +9.6% | -46.2% | -28.5% | -14.7% | +48.3% | +149.1% | -400.6% | +112.5% |
| Crecimiento BPA (anual) | | -361.7% | +85.4% | -27.3% | -6.3% | +17.3% | +57.7% | +135.0% | -395.3% | +111.8% |
| Cambio en Acciones (anual) | | -60.8% | +518.6% | +13.5% | +23.3% | +38.0% | +21.7% | +41.0% | +2.0% | +9.3% |
| Crecimiento FCF (anual) | | -31.4% | -7.5% | -19.7% | -70.9% | +25.2% | +88.0% | -326.8% | +28.9% | +46.2% |
| Margen Bruto | -7760.6% | -1560.9% | -754.4% | -262.5% | -618.1% | 100.0% | 100.0% | 50.4% | -101.7% | 100.0% |
| Margen Operativo | -9916.7% | -2108.6% | -1079.3% | -348.4% | -847.9% | -2865.5% | -86.9% | 20.7% | -152.9% | -0.0% |
| Margen EBITDA | -9833.4% | -2090.3% | -1069.0% | -344.2% | -839.8% | -2839.4% | -88.4% | 26.2% | -151.1% | 14.8% |
| Margen Neto | -7609.3% | -2329.3% | -1050.5% | -335.7% | -839.0% | -2923.6% | -95.5% | 22.0% | -142.9% | 14.4% |
| Margen FCF | -8892.2% | -1977.7% | -1060.5% | -277.4% | -922.1% | -2096.0% | -15.9% | -31.8% | -48.9% | -21.2% |
| Tasa Impositiva Efectiva | -0.0% | 0.8% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | 10.2% | -0.0% | 3.0% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-4.51 | $-15.13 | $-2.63 | $-2.77 | $-3.84 | $-2.08 | $-0.21 | $-0.62 | $-0.43 | $-0.21 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $6.6M | $2.6M | $16.0M | $18.2M | $22.4M | $30.9M | $37.6M | $52.7M | $54.0M | $56.0M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | 16.17% |
| Rentabilidad sobre capital invertido | 12.56% |
| Rentabilidad sobre activos | 13.99% |
| Margen bruto | 100.00% |
| Margen operativo | 14.02% |
| Margen neto | 17.18% |
Salud financiera
| Deuda / Patrimonio | 0.05 |
| Ratio corriente | 6.12 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 0.63 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -2.98 | -0.66 | -2.37 | -2.91 | -5.51 | -5.50 | -1.41 | 3.42 | -0.81 | 15.53 |
| P/VC | 7.47 | 0.36 | 0.85 | 2.34 | 3.29 | 5.60 | 0.86 | 0.72 | 1.21 | 2.21 |
| P/V | 226.73 | 15.36 | 24.81 | 9.63 | 46.52 | 161.12 | 1.34 | 0.75 | 1.16 | 2.19 |
| Margen Bruto | -7760.6% | -1560.9% | -754.4% | -262.5% | -618.1% | 100.0% | 100.0% | 50.4% | -101.7% | 100.0% |
| Margen Operativo | -9916.7% | -2108.6% | -1079.3% | -348.4% | -847.9% | -2865.5% | -86.9% | 20.7% | -152.9% | -0.0% |
| Margen Neto | -7609.3% | -2329.3% | -1050.5% | -335.7% | -839.0% | -2923.6% | -95.5% | 22.0% | -142.9% | 14.4% |